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Termination Payments


Termination Payments

A variety of state laws govern how soon employees are to be paid after their employment is terminated. The key factor in these laws is whether an employee leaves a company under his or her own volition or if the termination was forced by the company. Exhibit 9.5 lists the time periods by state by which termination pay must be given to those employees who have voluntarily left employment. In all cases, the intervals listed are for the earlier of the next regularly scheduled pay date or the number of days listed in the first column. If a state is not listed in the table, assume that the termination payment is required at the time of the next regularly scheduled pay date.

Exhibit 9.6 lists the time periods by state by which termination pay must be given to those employees who have involuntarily left employment. In all cases, the intervals listed are for the earlier of the next regularly scheduled pay date or the number of days listed in the first column. If a state is not listed in the table, assume that the termination payment is required at the time of the next regularly scheduled pay date. Also, note that many more states have adopted early-payment laws for involuntary terminations, indicating a much greater degree of interest in paying off employees who fall into this category.



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